Financial Performance - Total revenue for Q1 2024 increased by 4% to $19.5 million compared to $18.7 million in Q1 2023[1] - Gross profit decreased by 47% to $1.8 million, representing 9.5% of net revenue, down from 18.6% in the prior year[5] - Net loss for the quarter was $1.7 million, compared to net income of approximately $1.6 million in Q1 2023, marking a significant decline[6] - Adjusted EBITDA resulted in a loss of $1.2 million, down from a profit of approximately $2.0 million in the same period last year[7] - Related party revenue for Q1 2024 was $8,812,769, compared to $0 in Q1 2023[17] - Net loss for Q1 2024 was $1,699,200, compared to a net income of $1,602,939 in Q1 2023[17] - The company reported a basic and diluted net loss per common unit of $1.20 for Q1 2024[17] Expenses and Cash Flow - Operating expenses increased to $21,102,265 in Q1 2024, up from $17,118,006 in Q1 2023, representing a 23.1% rise[17] - Cash used in operating activities for Q1 2024 was $10,153,821, a significant decrease from cash provided of $1,589,777 in Q1 2023[18] - Cash and cash equivalents at the end of Q1 2024 were $7,731,124, down from $3,418,889 at the end of Q1 2023[18] - The company experienced a net cash decrease of $291,182 in Q1 2024, contrasting with an increase of $1,150,583 in Q1 2023[18] - Proceeds from the issuance of convertible preferred stock in Q1 2024 amounted to $10,277,275[18] - Depreciation and amortization expenses for Q1 2024 were $462,701, compared to $432,599 in Q1 2023[17] Merger and Expansion - Merger transaction expenses totaled $11.7 million related to the business combination with ESGEN Acquisition Corp.[1] - Preferred equity of $15.0 million was provided by Energy Spectrum to cover merger expenses and support ongoing operations[1] - The company expanded its sales and installation capacity into Ohio and Illinois during Q1 2024[1] Future Outlook - Management anticipates more favorable equipment pricing and stable or declining interest rates throughout the year[3] - The company expects profitability to return to historical growth levels in the remaining quarters of 2024[3] - Total assets increased to $51.6 million as of March 31, 2024, compared to $48.0 million at the end of 2023[15] - Total revenue for Q1 2024 was $19,488,190, a 4.05% increase from $18,731,489 in Q1 2023[17]
Zeo Energy Corporation(ZEO) - 2024 Q1 - Quarterly Results